At a glance
Hims Hers Health Inc is worth $6.84B, about 58 times its fiscal 2025 earnings. Revenue grew 59.0% to $2.35B in fiscal 2025, with 5.5% kept as profit; over 5 years it has grown 73.6% a year. It pays no dividend; it spent $175.0M buying back its shares over FY2021–FY2025. The stock returned −37.8% over the past year with dividends reinvested and +30.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months after the low.
The business in plain English
Hims & Hers Health runs websites and apps where people in the United States, Canada, the United Kingdom and parts of the European Union (Germany, Ireland, France and Spain) can see a licensed healthcare provider online, known as telehealth. Because most US states bar companies from practicing medicine, the providers work through affiliated medical groups that the company contracts with but does not own. They treat long-running conditions such as hair loss, sexual health, weight loss, hormone health, skin problems and mental health. The company added lab testing in 2025.
The company earns money when customers buy treatments through its sites and apps. Its own pharmacies fill most prescriptions, including generic, brand-name and compounded drugs (mixed by a pharmacy rather than mass-produced). It sells many products as subscriptions, billing and shipping on schedules from every 30 days to every 360 days, which brings in recurring revenue. It also sells over-the-counter products, skincare and supplements online and in stores.
Revenue was $2.35 billion in the fiscal year ended December 31, 2025, up 59% from the year before. The annual report gives no clear revenue breakdown by product or region, so the share from weight loss, hair loss or overseas customers isn't shown here. In February 2026 the company agreed to buy Eucalyptus, an Australian digital health company.
Price history
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HIMS -37.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $753.2M, up 38.2% from a year earlier, and net income was $-86.3M (-303.0%).
- For fiscal 2025, revenue was $2.35B (+59.0% year over year; +73.6% a year from FY2020 to FY2025) with a 5.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +73.6% good |
|---|---|
| Operating margin | 4.5% weak |
| Free cash flow margin | 2.4% watch |
| Return on equity (FY2025) | 23.7% good |
| Return on assets (FY2025) | 6% watch |
| Net cash (cash minus debt) | $-524.3M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $148.8M | $-18.1M | — |
| FY2021 | $271.9M | $-107.7M | — |
| FY2022 | $526.9M | $-65.7M | $-33.7M |
| FY2023 | $872.0M | $-23.5M | $47.0M |
| FY2024 | $1.48B | $126.0M | $198.3M |
| FY2025 | $2.35B | $128.4M | $57.4M |
Valuation snapshot
| Market value | $6.84B |
|---|---|
| P/E ratio | 57.5 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HIMS price data to Oct 28, 2026 | -9.7% | -37.8% | +71.8% | +30.0% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.7% |
| 2025 | +34.3% |
| 2024 | +171.7% |
| 2023 | +38.9% |
| 2022 | -2.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.1% over that stretch · deepest drop along the way 53.9%, back to its old high 3 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 15 sales ($6.0M), 15 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 18, 2026 | Oluyemi Okupe Chief Financial Officer | sell (plan) | $1.9M |
| Sep 22, 2026 | Oluyemi Okupe Chief Financial Officer | sell (plan) | $877K |
| Aug 19, 2026 | Soleil Boughton Chief Legal Officer | sell (plan) | $692K |
| Aug 18, 2026 | Deborah M. Autor Chief Policy Officer, Director | sell (plan) | $467K |
| Sep 15, 2026 | Michael Chi Chief Operating Officer | sell (plan) | $398K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.9% | Jun 30, 2026 |
| G1 Execution Services, LLC | 6.5% | Mar 31, 2026 |
| Vanguard Capital Management | 4.97% | Sep 30, 2026 |
| JPMORGAN CHASE & CO. | 1.7% | Feb 27, 2026 |
ETFs with the most weight in HIMS
| HEAL Global X HealthTech ETF | 5.78% |
| THNR Amplify Weight Loss Drug & Treatment ETF | 3.71% |
| IBUY Amplify Online Retail ETF | 3.44% |
| BUZZ VanEck Social Sentiment ETF | 2.72% |
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 2.6% |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 2.12% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 1.87% |
| XHS SPDR S&P Health Care Services ETF | 1.64% |
What could go wrong
- Compounded drugs face regulatory and trust risks. It offers compounded medications, including sterile ones. If the Food and Drug Administration decided its compounded products don't qualify for legal exemptions, or trust in compounded drugs fell, penalties and lost sales could follow.
- Heavy regulation and government scrutiny. Telehealth, pharmacy, compounding and lab testing are tightly regulated. Federal and state officials and agencies have taken actions and made public statements about the company, which could hurt its sales and reputation.
- Depends on medical groups it does not own. Prescribers work through Affiliated Medical Groups under contract. If those relationships broke down, the groups couldn't attract good providers, or providers were reclassified as employees instead of contractors, the business could suffer.
- Fast growth may slow; profits are thin. Revenue rose 59% in fiscal 2025, but the company warns that pace may not last. Only 4.5% of revenue became operating profit, and it lost $86.3 million in the quarter ended June 30, 2026.
- Debt load and the Eucalyptus acquisition. Total debt was $1.37 billion against $841 million of cash and investments as of June 30, 2026. The annual report warned the Eucalyptus acquisition might not close as planned or deliver its expected benefits.
- Founder control and a very volatile stock. Two share classes give CEO and co-founder Andrew Dudum concentrated voting power, limiting other shareholders' say. The stock also swings hard: it fell as much as 70.6% in the year to October 28, 2026.
Recent events
- Executive or board change
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Other company announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares
- Other company announcement
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
Hims & Hers does not pay a dividend. It paid none from fiscal 2020 through fiscal 2025, so it has no record of increases and pays out none of its earnings or free cash flow. An income investor could draw cash from it only by trimming shares. The company has used buybacks (repurchasing its own stock) instead, spending about $175 million from fiscal 2021 through 2025, including $90 million in fiscal 2025.
In the 2022 market downturn, the shares fell 53.9% from January 3 to May 11, 2022, then regained that level by August 10, 2022, three months later. As of October 28, 2026, the deepest drop in their price record was 82.5%, and a one-year beta of 2.61 meant they tended to move about 2.6 times as much as the broad market. The price history is too short to show the 2008 or 2020 crashes. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Hims & Hers make money?
Hims & Hers makes money from consumers who pay for treatments through its websites and apps, many on subscriptions billed every 30 to 360 days. Customers consult licensed providers from affiliated medical groups, and the company's own pharmacies fill most prescriptions, including compounded drugs. It also offers over-the-counter products in stores and online, plus lab testing. Revenue reached $2.35 billion in fiscal 2025, up 59% from fiscal 2024 and up from $149 million in fiscal 2020.
Does Hims & Hers pay a dividend?
No. Hims & Hers paid no dividends in any year from fiscal 2020 through fiscal 2025, so it has no record of dividend increases. It has returned cash through share buybacks (repurchases of its own stock) instead, spending about $175 million from fiscal 2021 through 2025, including $83 million in fiscal 2024 and $90 million in fiscal 2025. For an income investor, any cash drawn from the holding would have to come from trimming shares, whose price has swung sharply.
Is Hims & Hers profitable?
It was profitable in fiscal 2024 and 2025, but thinly, and it lost money in the quarter ended June 30, 2026. After losses every year from fiscal 2020 through 2023, it earned $126.0 million in fiscal 2024 and $128.4 million in fiscal 2025, about 5.5 cents per dollar of revenue. Free cash flow (cash left after capital spending) fell to $57.4 million in fiscal 2025 from $198.3 million. The June 2026 quarter's net loss was $86.3 million, even though revenue rose 38.2% from a year earlier.
Does Hims & Hers have a lot of debt?
It carried more debt than cash as of June 30, 2026. Total debt was $1.37 billion against $841 million of cash and investments, leaving net debt (debt minus cash) of about $524 million. Company filings in May, June and July 2026 reported new debt or financial obligations. Its February 2026 annual report also warned that funding the planned Eucalyptus acquisition could suffer if results disappointed or financial markets were disrupted.
How risky is Hims & Hers stock?
It has been more volatile than the broad market. As of October 28, 2026, its one-year beta was 2.61, meaning the shares tended to move about 2.6 times as much as the market, and they had fallen as much as 70.6% within a year. The price was down 37.8% over one year but up 271% over five years. Calendar-year returns ranged from a 2.1% loss in 2022 to a 171.7% gain in 2024. The shares traded at 57.5 times fiscal 2025 earnings per share.